Default [Q] Buy a second hand PS4/Xbox one

When thinking about purchasing a new console.. either the Xbox One or PS4 would any of you guys consider buying one second hand?

I would presume the main reason people would be put off buying a second hand phone is due to the risk of insurance fraud, is this still a valid risk when buying consoles? Also what about the chances that the seller is selling a banned console, there's no way to unban one so that's another risk.

I'm looking at upgrading my old 360 but can't decide whether to buy a second hand one from a private ad with 3 games for around 300 or pay 350 from a retailer such as Game or CeX.

Any help is appreciated!